There is no doubt that the past few months have been hard on the UK economy, and there is no promise harder times aren't on the horizon; however recent changes made by Chancellor Rishi Sunak suggest better times may be closer than you think.
The property market is always one of fluctuation, and the current times have been a clear example of this. The future stability of the property market will revolve around confidence and as one of the key pillars of the economy, this has been a worry, but the recent introduction of the stamp duty holiday has reinvigorated the housing market, opening up avenues for many people seeking a home or project
Essentially, the recent government announcements have suspended stamp duty for all properties under £500,000. Applied on completion, this can benefit many of those who took part in our recent auctions. If you are unsure of how this could help you, do get in touch.
Since the announcement, the housing market has begun to rise once again and has even reached higher peaks than pre-covid levels. Sky News reported that the housing market is reaching a mini-boom seeing levels of growth which are 35% higher than this time last year.
Bryan Baxter, Director of Auction House East Anglia, commented:
“I am encouraged by the focus on the property market and feel this will ensure interest in bricks & mortar continues through this difficult period.”
If you are interested about how this can benefit you, or want to pre-register for our next exciting hybrid auction on September 9th, be sure to get in contact with us here:
https://www.auctionhouse.co.uk/eastanglia/company/contact-us
